Updated: Jan 31, 2019
John Wantz joined us November 9th, 2018 at TF 2 to talk about why he is betting on proof of stake as the most viable blockchain governance model.
John is the CEO of EVERY, a digital ecommerce platform aimed at giving retail customers control of their own data. He is concerned with relationships created in the mining process from proof of work blockchains.
Currently, miners all over the world compete in building the next block and actively prove the work with computational power. Due to high competition among the miners, blockchains have progressively become expensive. This is witnessed by how high-end machinery is being used.
Older and richer nodes are going to gain more preference and hence help in data validation offline.
More to that, nodes will work on specific grounds.
John believes that giving power to miners to manufacture nodes will help bring professionalism in blockchain. This is where professionals in a sector decide on how the nodes show proof of work. However, there is also restriction on who can mine and only the miner with appropriate relationship will approve the chains.
As John Wantz quotes:
"Nodes will have some direct relationships and specific nodes will win certain amounts of data."
To learn more in-depth about proof of stake versus proof of work, watch the full presentation from TF 2 below:
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